G20 concludes, pledges US$1.1 trln to revive world economy -- china.org.cn

Positive reaction from major countries

U.S. President Barack Obama called the London summit as "historical" and "a turning point" as "unprecedented and comprehensive" actions will be taken to revive the world economy.

United States President Barack Obama addresses a news conference at the end of the Summit of the Group of 20 Countries (G20) on world economy at ExCel exhibition center in London, April 2. [Xinhua/Zhang Yuwei]

Speaking at a press conference after the summit, Obama highly praised results of the meeting. The G20 have made enormous strides to improving financial regulation, but needs to reform failed regulatory systems and must put an end to bubble and bust economy.

French President Nicolas Sarkozy also expressed his satisfaction with the final results, while German Chancellor Angela Merkel called the results "a very good, almost historic compromise" that will give the world a clear financial markets architecture.

The second Group of 20 (G20) Summit concluded in London on Thursday with consensus on how to get the world out of the financial crisis, including pledge of 1.1 trillion U.S. dollars to revive the world economy, a joint call to fight protectionism, and concrete actions to tighten banking regulations.

French President Nicolas Sarkozy addresses a news conference after the Summit of the Group of 20 Countries (G20) on Financial Markets and World Economy at ExCel exhibition center in London, April 2. [Xinhua/Zeng Yi]

Dutch Prime Minister Jan Peter Balkenende told BBC that said it has been "a remarkable meeting" and the results "are extremely important."

South African President Kgalema Motlanthe, who country is the only representative in the G20, told reporters he was "quite pleased" with the meeting results, citing that the leaders had agreed to protect financing for developing countries and pledged to conclude talks on a new global trade deal.

For people around the world, what is important next is to see how words turn into action.

"These commitments made by G20 leaders must be translated into concrete action. With this unprecedented stimulus package I am quite confident that we will be able to overcome this economic crisis," said UN Secretary-General Ban Ki-moon after the meeting.

According to Brown, the G20 leaders are scheduled to meet again before the end of this year to review progress on their commitments.

(Xinhua News Agency April 2, 2009)

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